MIRA
INFORM REPORT
|
Report Date : |
22.01.2007 |
IDENTIFICATION
DETAILS
|
Correct Name : |
VICTORIA
CAPITAL VENTURE LIMITED |
|
|
|
|
Registered Office : |
Bharat
House, 1st Floor, 104, Mumbai Samachar, Mumbai – 400023,
Maharashtra, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
27.12.1982 |
|
|
|
|
Com. Reg. No.: |
11-28977 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17120MH1982PLC028977 |
|
|
|
|
Legal Form : |
Closely
Held Public Limited Liability Company. |
|
|
|
|
Line of Business : |
The
subject is engaged in the business of preparing, combing, spinning, doubling,
twisting, false-twisting, texturing, fancy yarn making, sizing, weaving,
knitting, bleaching, processing, dyeing, printing, finishing, raising,
working of manufacturing in any way whatever cotton, wool, silk, jute,
artificial silk, rayon, nylon and other fibres, textile substances whether
animal, vegetables, or minerals whether natural or synthetic or man made or
ain any state and whether similar to the forgoing substances or not and to treat,
utilise and manufacture felted, knitted, looped and embroidered fabrics, ;ace
and manufactured, processed or decorated fabrics, and to manufacture coated
or laminated fabrics and also makers of bleaching, dyeing and finishing
materials. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD75000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well-established and reputed company. Company’s profitability is
improving. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
reported as usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
Bharat
House, 1st Floor, 104, Mumbai Samachar, Mumbai – 400023,
Maharashtra, India |
|
Tel. No.: |
91-22-2671821 |
|
E-Mail
: |
|
|
|
|
|
Corporate
Office : |
Opposite
Sidi Saiyad Mosque, Lal Darwaja, Ahmedabad – 380001, Gujarat, India |
|
Tel.
No.: |
91-79-25506946 |
|
Fax
No.: |
91-79-25506535 |
DIRECTORS
|
Name : |
Mr
Abhay K Mangaldas |
|
Designation : |
Director |
|
Address : |
B 7,
Sea Face Park, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
09.12.1964 |
|
Date of Appointment : |
29.09.1994 |
|
|
|
|
Name : |
Mr
Kamal Mangaldas |
|
Designation : |
Director |
|
Address : |
B 7,
Sea Face Park, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
24.08.1938 |
|
Date of Appointment : |
21.04.2004 |
|
|
|
|
Name : |
Mr
Narendra A Thakkar |
|
Designation : |
Director |
|
Address : |
Ghodasar,
Mani Nagar, Ahmedabad – 380050, Gujarat, India |
|
Date of Birth/Age : |
18.01.1947 |
|
Date of Appointment : |
18.02.2005 |
|
|
|
|
Name : |
Mr
Shardul J Thacker |
|
Designation : |
Director |
|
Address : |
46 C
Deshmukh Marg, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
17.11.1947 |
|
Date of Appointment : |
17.04.1995 |
KEY EXECUTIVES
|
Name
: |
Mr
Manish R Vaidya |
|
Designation
: |
Retail
Incharge |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
|
Victoria
Mills Limited |
2999230 |
|
|
Mr
Aditya Manoj |
330 |
|
|
Mr
Rajnikant J Shah |
10 |
|
|
Mr
Navnitlal R Dhruv |
10 |
|
|
Ms
Najma J Sheikh |
10 |
|
|
Mr
Manoj R Modi |
10 |
|
|
Mr
Abhay K Mangaldas |
330 |
|
|
|
|
|
|
|
|
|
|
Category
of Shareholders |
|
Percentage of Holding |
|
Bodies
Corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The subject
is engaged in the business of preparing, combing, spinning, doubling,
twisting, false-twisting, texturing, fancy yarn making, sizing, weaving,
knitting, bleaching, processing, dyeing, printing, finishing, raising,
working of manufacturing in any way whatever cotton, wool, silk, jute,
artificial silk, rayon, nylon and other fibres, textile substances whether
animal, vegetables, or minerals whether natural or synthetic or man made or
ain any state and whether similar to the forgoing substances or not and to
treat, utilise and manufacture felted, knitted, looped and embroidered
fabrics, ;ace and manufactured, processed or decorated fabrics, and to
manufacture coated or laminated fabrics and also makers of bleaching, dyeing
and finishing materials. |
|
|
|
GENERAL
INFORMATION
|
|
|
|
Auditors : |
Sorab
S Engineers and Company Chartered
Accountants |
|
Tel. No.: |
Ismail
Building, 381, Dr D Navroji Road, Fort, Mumbai – 400001, Maharashtra, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
30,00,000 |
Equity
Shares |
Rs 10/- each |
Rs 30.000 Millions |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
30,00,000 |
Equity
Shares |
Rs 10/- each |
Rs 30.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
30.000 |
30.000 |
30.000 |
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
4] (Accumulated Losses) |
(11.490) |
(15.392) |
(16.796) |
|
NETWORTH |
18.510 |
14.608 |
13.204 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
2] Unsecured Loans |
31.827 |
31.884 |
31.467 |
|
TOTAL BORROWING |
31.827 |
31.884 |
31.467 |
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL |
50.337 |
46.492 |
44.671 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8.980 |
7.526 |
6.264 |
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
INVESTMENT |
36.443 |
36.602 |
21.930 |
|
DEFERREX TAX ASSETS |
0.068 |
0.000 |
0.000 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
0.489
|
0.441 |
|
|
Sundry Debtors |
0.603
|
0.188 |
0.674 |
|
Cash & Bank Balances |
0.494
|
0.473 |
|
|
Other Current Assets |
0.000
|
0.000 |
|
|
Loans & Advances |
7.688
|
6.651 |
16.622 |
|
Total Current Assets |
9.274
|
7.753 |
17.296 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
Current Liabilities |
4.300
|
5.423 |
0.858 |
|
Provisions |
0.145
|
0.000 |
0.013 |
|
Total Current Liabilities |
4.445
|
5.423 |
0.871 |
|
Net Current Assets |
4.829
|
2.330 |
16.425 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.017 |
0.034 |
0.051 |
|
|
|
|
|
|
TOTAL |
50.337 |
46.492 |
44.670 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
21.786 |
18.144 |
13.469 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
3.927 |
1.391 |
(0.883) |
|
Provision
for Taxation |
---- |
(0.013) |
----- |
|
Profit/(Loss)
After Tax |
3.927 |
1.404 |
(0.883) |
|
|
|
|
|
|
Total
Expenditure |
17.806 |
16.752 |
14.353 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
|
18.02
|
7.73 |
(6.55) |
|
|
|
|
|
|
|
Net
Profit Margin(PBT/Sales) |
|
18.02
|
7.66 |
(6.55) |
|
|
|
|
|
|
|
Return
on Total Assets(PBT/Total Assets} |
|
21.51
|
9.10 |
3.00 |
|
|
|
|
|
|
|
Return
on Investment (ROI)(PBT/Networth) |
|
0.21 |
0.09 |
0.06 |
|
|
|
|
|
|
|
Debt
Equity Ratio(Total Liability/Networth) |
|
1.95 |
2.55 |
2.44 |
|
|
|
|
|
|
|
Current
Ratio(Current Asset/Current Liability) |
|
2.08
|
1.42 |
19.85 |
LOCAL AGENCY
FURTHER INFORMATION
HMG-Life style:Introduction
The House of MG is the only 'boutique' category hotel in Ahmedabad.
This stately heritage property has
been tastefully refurbished to retain its old-world charm but with all the
amenities and comforts of contemporary living. With the addition of these
twelve sumptuously furnished rooms, it now offers a complete hospitality
package to its patrons. The Lonely Planet Guide and the Rough Guide recommend
this hotel highly and the discerning British travel guide 'Sawdays - Places to
Stay in India' has singled out The House of MG as the only hotel worth mention,
in its Ahmedabad section.
One more unique feature of this Hotel is that each room contains a
catalogue of its signature range of furniture, light fittings, floor coverings
and bed linen, including some of the decorative objects. These items are
available for purchase from 'The House of MG Lifestyle' store.
This project is promoted by
Victoria Capital Ventures Ltd.
Product Range:
We are the manufacturer, and
supplier of the following:
- Handicrafts
- Handmade Gifts
- Candles
- Wooden Furniture
- Marble Floater Floaters
- Gift Items
- Antique Utensils
- Indian Men’s clothing
- Fashion Accessories
- Shawls & Stole
- Traditional Utensils
- Natural Oil/Soaps/Incense
Assurance Of Quality
We give 100% money back guarantee (No Question asked) on all over
products with satisfaction guaranteed.
Fixed Assets
- Plant and Machinery
- Computers
- Furniture and Fixtures
- Office Equipments
- Vehicles
The company has taken following unsecured
loans
|
Name
of the company |
Relationship
with the Company |
Maximum
Amount Invested |
Balance
as on 31.05.2005 |
|
Galactic
Enterprises Limited |
Holding
Company |
Rs
31.968 Millions |
Rs 31.884
Millions |
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.30 |
|
UK
Pound |
1 |
Rs.87.61 |
|
Euro |
1 |
Rs.57.61 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry
similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|